Ropes & Gray advised Eversource Energy, New England’s largest energy company, in its agreement to acquire Aquarion Water Company, the largest private water company in the region, to serve nearly four million customers in Connecticut, Massachusetts and New Hampshire.
Eversource Energy, a public utility holding company, engages in the energy delivery business. The company, led by James J. Judge, Philip J. Lembo, Werner J. Schweiger, Leon J. Olivier and Gregory B. Butler, is based in Springfield.
Aquarion Water Company, Inc. offers water distribution services. The company was founded in 1857 and is based in Monroe, Connecticut.
In the transaction, which was announced June 2, Eversource Energy will acquire Aquarion for a value of $1.675 billion, comprised of $880 million in cash and $795 million of assumed Aquarion debt.
The acquisition requires approval from the Connecticut Public Utilities Regulatory Authority, the Massachusetts Department of Public Utilities and the New Hampshire Public Utilities Commission. It also requires U.S. Justice Department review under the Hart-Scott-Rodino Act. The transaction is expected to close by December 31, 2017.
The Ropes & Gray team was led by securities and public companies partner Marko Zatylny (Picture), and included securities and public companies associate Thomas Fraser (Boston), tax partner Eric Elfman, benefits partner Bill Jewett, securities & public companies partner David Fine, real estate partner Peter Alpert (all of Boston), corporate associates Ben Dionne and Nate Gray (all of Boston), corporate associate Casey Prusher (New York), finance associate Daniel Coyne (Boston), and tax associate Michael Mendelevich (Boston).
Involved fees earner: Marko Zatylny – Ropes & Gray; Thomas Fraser – Ropes & Gray; David Fine – Ropes & Gray; Benjamin Dionne – Ropes & Gray; Nathaniel Gray – Ropes & Gray; Casey Prusher – Ropes & Gray; Eric Elfman – Ropes & Gray; Michael Mendelevich – Ropes & Gray; William Jewett – Ropes & Gray; Peter Alpert – Ropes & Gray; Daniel Coyne – Ropes & Gray;
Law Firms: Ropes & Gray;
Clients: Eversource Energy;